CBK Says No Extension of Deadline for Withdrawal of Old Sh1,000 Notes

Central Bank of Kenya (CBK) has warned Kenyans that the deadline for withdrawal of old Sh1,000 banknotes will not be extended.

CBK Governor Dr. Patrick Njoroge insisted that all the old Sh1,000 notes will become useless pieces of papers at midnight on September 30th.

“I want you to take this message to every corner of the country ... that people have to dispose of their old Sh1,000 banknotes by September 30. We shall not extend the period,” Njoroge said when he attended Churchill Show’s live recording at Narok Stadium on Saturday night.

The phasing out of the Sh1,000 note will also help curb cases of counterfeits that have been on the rise in the country, Njoroge indicated.
Njoroge said the withdrawal deadline only affects the Sh1,000 note, while Sh50, Sh100, Sh200, and Sh500 bills will be phased out gradually.

In June, Njoroge said Kenyans in the diaspora who are holding the old Sh1,000 notes must travel back home and exchange them with the new banknotes before October 1st.

Njoroge said CBK would not allow any form of conversion of the old notes outside Kenya’s borders. CBK notified all foreign banks to stop accepting the legacy currency.

Njoroge explained that allowing the exchange of the old currency outside Kenya's borders would defeat their aim of combating illicit cash flows.

“If you have the Kenyan currency and you happen to be outside the country, there is only one way to get value for it before October 1st," said Njoroge.

"You have to take a trip here and go through the procedures outlined in the Gazette notice and subsequent releases. You cannot convert it to any other currency out there since this would defeat the process of demonetization.”